Abstract:
Oceans are approximately three- quarters of the earth’s surface, accountable for more than 90% of
the biosphere, providing an array of goods and services to the global community which includes
food, employment, recreation and cultural well- being, minerals, oxygen production, greenhouse gas
absorbance, climate change impact mitigation, and serve as highways for seaborne international
trade (United Nations, 2017). For the development of economies along with the threats posed by
the climate change and global warming the concept of the Blue Economy was first introduced in
1994 by Professor Gunter Pauli of the United Nations University (UNU). Because of this significant
role played by the oceans, the importance of implementing sustainable development measures for
marine environment was discussed at the United Nations Conference on Sustainable Development
(Rio+ 20) held in Rio de Janeiro, Brazil in June 2012. Consequently, the conference adopted a set of
ground- breaking guidelines on green economic policies which are considered as essential tools for
achieving sustainable development goals (United Nations, 2012). With strong support from coastal
and island nations at the conference, because of the contribution made by the oceans to their economies, the ocean derived green economy was accepted as the blue economy.